Common questions asked concerning the RBS (One Account) Solicitor Panel
from members of the public
Am I correct in assuming that the fact that my solicitor is not on the RBS (One Account) Conveyancing panel that there is a problem with the standard of his conveyancing?
It would not be wise to jump to that conclusion. There are all sorts of perfectly reasonable explanations. A recent report by the solicitors regulator indicated 76% of law firms surveyed had been removed from at least one lender panel. The most common reasons for removal are: (1) lack of transactions (2) the lawyer is a sole practitioner (3) as part of the HSBC panel reduction (4) regulatory contact by SRA (5) accidental removal. If you are concerned you should simply call the firm and ask them why they are no longer on the approved list for RBS (One Account).
Can you clarify something for me?. My lawyer is not to blame but, the conveyancing for my house purchase has been going on for months. The Local Authority Search from RBS (One Account) was dated random date and we have agreed a date for me to move into the property on Tues etc. My lawyer has advised that as she is on the RBS (One Account) conveyancing panel she needs to redo the searches as they are no longer acceptable to the lender.
One of the many conditions to being on the RBS (One Account) approved panel is to comply with the CML Handbook Part 2 obligations (last updated for this lender on RBS (One Account))which specifies that a local authority search be not more than half a year old. You should nevertheless ask your lawyer to check whether something called ‘search validation’ indemnity insurance is acceptable to RBS (One Account).
I need to find a RBS (One Account) panel solicitor in Inverness. Can you assist?
Unfortunately it’s not apparent why you need a RBS (One Account) panel solicitor but in any event, if you can not find one on our search tool you will need to speak directly to RBS (One Account) to find out which solicitors in RBS (One Account) are on their panel. If you do find such a firm not listed please direct them to our site to list. At a fee of one pound per month it is not expensive to register on the site
My aunt passed away last year and as sole heir and executor was left the property. The house had a relatively small loan left on it of around £8000. I want to have the title changed into my name whilst I re-mortgage to RBS (One Account) , pay off the mortgage etc. Is this possible?
If you intend to re-mortgage then RBS (One Account) will insist on your using a conveyancer on the RBS (One Account) conveyancing panel. Here is link to the Land Registry online guidance around what to do when a property owner dies. This will help you to understand the registration process behind changing the details re the registered title. in your case it would appear that you are effectively purchasing the property from the estate. Your RBS (One Account) conveyancing panel solicitor pays the new mortgage money into the estate, the estate pays off the old mortgage, the charge is released and you become the owner and the RBS (One Account) mortgage is registered as a charge at the Land Registry.
Do most banks operate their own panel of solicitors?
Many lenders do operate a restricted conveyancing panel but a lot of lenders allow any solicitors to join their panel so long as they meet their criteria. Each lender sets their own criteria. For example the RBS (One Account) conveyancing panel requirements are different to RBS (One Account)’s conveyancing panel requirements.
Is it common for RBS (One Account) to withdraw a mortgage offer and what would be the reasoning?
Lenders such as RBS (One Account) can revoke their mortgage offer although this rarely happens. should RBS (One Account) withdraw their offer they may or may not inform you or the lawyer as to the reasons why. There are various possible reasons but here are a number of examples:
If the financial circumstances of the borrower have changed to the detriment and the RBS (One Account) has been notified
A cashback to the buyer, or | part of the price includes a non-cash incentive to the buyer (eg paid stamp duty land tax),or | any indirect incentive (cash or non cash) or rental guarantee, of which the lender was previously unaware
Where the purchase price and borrowers direct contribution differ to details on the mortgage application form completed by the borrower
Where the sale is not at arms length for value to unconnected persons
If the lender reasonably believe that the applicant, borrower, mortgagor or guarantor is insolvent or is about to become insolvent or has or will have a petition presented or if any one or all enter into any arrangement with their creditors generally or if any one or all should suffer a material change in their financial circumstances
We expect to receive a DIP from RBS (One Account) this week so we know how much we could potentially offer as otherwise we only have online calculators to go by (which aren't taking into account credit checks etc).Do the RBS (One Account) recommend a solicitor on the RBS (One Account) conveyancing panel, or is it better to go independently
You will need to appoint solicitors independently although you'll need to choose one on the RBS (One Account) conveyancing panel. The solicitor represents both you and the RBS (One Account) through the process.